8-KLeadership ChangesShareholder Matters

ESSEX PROPERTY TRUST, INC. 8-K Report, Executive Changes (May 16, 2018)

Filed May 16, 2018For Securities:ESS

Summary

Essex Property Trust, Inc. (ESS) filed an 8-K on May 16, 2018, reporting on its 2018 Annual Meeting of Stockholders held on May 15, 2018. The primary focus of the filing is the stockholder approval of the new Essex Property Trust, Inc. 2018 Stock Award and Incentive Compensation Plan (the "2018 Plan"), which replaces the prior 2013 Plan. This new plan is designed to incentivize employees, directors, and consultants through stock-based and cash-based awards and will have 2,000,000 shares available for issuance, plus any remaining shares from the previous plan. In addition to the approval of the 2018 Plan, the meeting saw the election of eight directors to serve until the 2019 annual meeting and the ratification of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2018. Stockholders also provided a non-binding advisory vote to approve the compensation of named executive officers. The results of these votes indicate strong support from stockholders for the company's leadership, compensation practices, and the new incentive compensation plan.

Key Highlights

  • 1Stockholders approved the new Essex Property Trust, Inc. 2018 Stock Award and Incentive Compensation Plan (2018 Plan) to replace the 2013 Plan.
  • 2The 2018 Plan will allow for the grant of stock-based and cash-based awards to employees, directors, and consultants.
  • 32,000,000 shares of common stock are available for issuance under the 2018 Plan, in addition to unused shares from the prior plan.
  • 4Eight directors were elected to the Board of Directors to serve until the 2019 annual meeting.
  • 5KPMG LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2018.
  • 6Stockholders provided advisory approval of the company's named executive officer compensation.
  • 7The filing details the voting results for each proposal presented at the Annual Meeting, showing generally strong support.

Frequently Asked Questions

The new 2018 Plan is designed to provide a framework for incentivizing key personnel, including employees, directors, and consultants, through equity and cash-based awards. Its approval signifies the company's ongoing commitment to aligning compensation with long-term performance and shareholder value.

The 2018 Plan provides for an aggregate of 2,000,000 shares of the Company's common stock to be available for issuance. This also includes any shares that were authorized but unissued under the previous 2013 Plan, and shares subject to outstanding awards under the 2013 Plan that are forfeited.

The key outcomes included the approval of the 2018 Stock Award and Incentive Compensation Plan, the election of eight directors, the ratification of KPMG LLP as the independent auditor, and an advisory vote approving named executive officer compensation. All these proposals received substantial support from the stockholders.

The Board of Directors has delegated the authority to administer the 2018 Plan to the Compensation Committee of the Board.